HC Deb 06 May 1941 vol 371 cc697-8
53. Mr. Banfield

asked the Chancellor. of the Exchequer his reasons for continuing the concession to members of the Lon don Stock Exchange under the provisions of Section 42 of the Finance Act, 1920?

Sir K. Wood

The relief in question is given in respect of transfers of stocks and shares purchased by dealers on a stock exchange for purposes of their business. Such purchases are made not for purposes of investment but to obtain the stock in trade which is needed for the dealer's business, and it would obviously be inequitable to charge the full transfer duty in such cases. The relief was first given in 1920, and I see no good grounds for proposing its withdrawal.

Mr. Banfield

Will the right hon. Gentleman look into the matter with a view to ascertaining how much this is costing? Is he aware that there is some dissatisfaction among Stock Exchange people in regard to the continuance of the concession?

Sir K. Wood

No, Sir. I think it is fully understood that, if the stock in question is not sold within a period of two months, the whole duty is payable.